At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 407.60 points or 0.65% to 63,132.31. The Nifty 50 index rose 113.95 points or 0.61% to 18,715.45.

In the broader market, the S&P BSE Mid-Cap index added 0.80% while the S&P BSE Small-Cap index gained 0.82%.

The market breadth was strong. On the BSE, 2,202 shares rose and 1,187 shares fell. A total of 155 shares were unchanged.

Economy:

India's consumer price inflation eased to a 25-month low of 4.25% in May 2023 as compared to same month last year. The inflation stood at 4.70 per cent in April, showed data released by the ministry of statistics. The consumer-price index (CPI) based inflation has remained within the Reserve Bank of India's (RBI) tolerance band of 2-6 per cent for three months in a row.

Meanwhile, India's Index of Industrial Production (IIP) in April rose sharply to 4.2% from 1.1% in March, mainly due to good performance by the manufacturing and mining sectors, according to official data released on Monday. With this gain, the index has recovered after growing at a five month low in March.

Buzzing Index:

The Nifty Media index advanced 1.63% to 1,812.50. The index rose 2.76% in two trading sessions.

Dish TV India (up 9.45%), TV18 Broadcast (up 4.83%), Network 18 Media & Investments (up 2.44%), Nazara Technologies (up 2.19%), Hathway Cable & Datacom (up 1.37%), Sun TV Network (up 0.82%), PVR Inox (up 0.79%), Navneet Education (up 0.08%) advanced.

Stocks in Spotlight:

SJVN rose 2% after the company said that its wholly owned subsidiary, SJVN Green Energy has won a 200 MW wind power project at a tariff of Rs 3.24 per unit on a build own and operate basis from Solar Energy Corporation of India (SECI).

ICICI Lombard General Insurance Company fell 0.13%. The company informed that IRDAI has accorded its approval to SBI Mutual Funds for acquiring up to 10% of the total paid up equity share capital of the company. Further, the approval of IRDAI is valid for a period of 1 year from the date of IRDAI approval letter.

Inox Wind slipped 5.21% while Inox Wind Energy surged 11.51%. Inox Wind on Monday (12 June 2023) announced that its board has approved the merger of Inox Wind Energy into the company. The merger is subject to various regulatory approvals and compliances. The appointed date for the amalgamation is set as 1 July 2023.

Under the proposed merger plan, Inox Wind will issue 158 equity shares for every 10 equity shares to shareholders of Inox Wind Energy. Additionally, Inox Wind will also issue 158 share warrants with an issue price of Rs 54 each, to shareholders of Inox Wind Energy, for every 10 share warrants with an issue price of Rs 847 each held by them.

Global Markets:

Asian stocks were mostly trading higher on Tuesday boosted by gains in US equity markets and expectations of a Federal Reserve interest rate pause following a Fed policy meeting this week.

US stocks advanced on Monday as traders looked ahead to the Fed's June meeting. The S&P 500 and the Nasdaq rallied on Monday to their highest closing levels since April 2022. The Federal Open Market Committee is widely expected to keep interest rates unchanged, in the 5%-5.25% range, as per reports.

Investors are closely monitoring U.S. Consumer Price Index (CPI) data, due to be released on Tuesday, and Producer Price Index (PPI) data, due out Wednesday, for a reading of how well the Fed's tightening cycle has managed to curb inflation.